RegActions records a disclosed FCA monetary penalty of £50,000,000 dated 19 Apr 2023 for Waystone, will be used to pay the redress liability and creditors of LFS. If the Scheme.
Case facts
| Firm or individual | Waystone, will be used to pay the redress liability and creditors of LFS. If the Scheme |
|---|---|
| Regulator | Financial Conduct Authority (FCA) |
| Date | 19 Apr 2023 |
| Penalty | £50,000,000 |
| RegActions breach classification | Pensions advice and transfers |
| Public case ID | 00034eaf-69f5-42a2-82cf-9f56805bb568 |
Case summary
FCA announces plan to deliver significant redress to Woodford investors Last updated: 19/04/2023 Following an investigation by the FCA, Link Fund Solutions (LFS) has agreed to provide, with a material contribution from its ultimate parent, Link Administration Holdings (Link Group), a significant redress payment to investors in the LF Woodford Equity Income Fund (the WEIF) of up to approximately £235 million. The redress is to cover losses to over 300,000 investors in the WEIF as a result of failures by LFS, as the authorised corporate director (ACD) of the WEIF, in managing the liquidity of the fund.
Official evidence
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Scope
This page describes one source-linked monetary record. RegActions excludes non-monetary outcomes and amounts awaiting review from FCA fine totals. The FCA publication remains the authoritative source.